Memecoin Markets Added 5% In 24Hours, DOGE Jumped First: Analysis

Memecoin markets added 5% in the past 24 hours according to the latest analysis that we have in today’s altcoin latest news.

Dogecoin had a good week jumping more than 20% in the past week and 14 other meme coins surpassed DOGE’s weekly jump as a few other tokens saw triple-digit spikes in the past week. After the electric car company, Tesla announced the company will be accepting DOGE payments, the coin spiked in value right after, and at the time of writing, the data shows that DOGE gained 20.3% over the last week and the coin has seen a 24-hour price range of around $0.182 to $0.192 unit in January. DOGE has an overall market valuation of around $24.8 billion which represents 1.13% of the $2.20 trillion crypto economy.

The second-biggest meme coin SHIB had not had such a great week, compared to DOGE and despite this, the seven-day metrics show that the coin gained 7.3% against the US dollar. The SHIB market valuation is just over $17 billion with $614 million in global trading volume. DOGE on the other hand has $1.9 billion in the past day of trading and SHIB saw a 24-hour price range of around $0.00003064 per coin. While DOGE saw a huge push during this week, in terms of weekly gains, plenty of other meme tokens saw how many bigger gains it can make. For example, some coins like SPOOKYSHIBA saw triple-digit gains and the meme asset jumped 226.5% in the past week.

The memecoin markets added 5% in the past day and Kuma Inu also surged 112% while Shiba Fantom increased 109% in the past week. Other notable meme coin gainers this week include SOLAB that increased by 70%, Dogebonk or DOBO increased by 53% in the past week, Kitty Coin increased by almost 60%, Baby Doge increased by 42%and FlokiPup increased by 38%.

As recently reported, DOGE as the popular dog-themed meme coin surged by 14% after Tesla made the announcement that it will take the crypto as payment for merchandise. DOGE is up about 20% over the past week. Some investors are still holding BTC in the long-term despite the recent market sell-off. The charts show an increase in the net position change among the long-term BTC holders and the accumulation of BTC around current price levels could also be a bullish sign.